Staten Island, NY and Jersey City New Jersey · Member since 2018 · 18 posts · 5 votes
I am looking for my first rental probably in the Jersey City/ hoboken area of New Jersey. I was wondering how do I go about it. Are there any good real estate agent to look for, getting a good contractor, and estimating the cost?
@Christopher Leo what’s going on man? I know your pain. I’m from Long Island NY. I had 150k saved up
And still do to start investing. Because of taxes I was forced to look passed NY/NJ. Take a look in Lehigh valley, PA. @Ronald Bowser has been a great help. Hoping to close my first deal tomorrow of 3 units with a 10.5% cap rate. Direct message me if you want to talk further.
It would be literally impossible to try the BRRRR strategy in Hoboken unless you have a time machine.
Jersey City on the other hand might be more of a promising deal for you. The deal breaker is what do you expect out of this transaction, meaning if you want to buy a 3 family property in Jersey City for $110,000 that is extremely unlikely. But if you are willing to pay $250,000 for a 2 family property that needs some work done to it and then refinance at $375,000, that seems more reasonable.
@Christopher Leo what’s going on man? I know your pain. I’m from Long Island NY. I had 150k saved up
And still do to start investing. Because of taxes I was forced to look passed NY/NJ. Take a look in Lehigh valley, PA. @Ronald Bowser has been a great help. Hoping to close my first deal tomorrow of 3 units with a 10.5% cap rate. Direct message me if you want to talk further.